THORChain halts trading after suspected $10M multi-chain exploit. LayerZero faces fallout from Kelp exploit, Lombard shifts $1B to Chainlink. Strategy (MicroStrategy) eyes Bitcoin sales to fund $1.5 billion debt buyback. Plus 1 more theme tagged Markets.
The THORChain liquidity protocol temporarily halted operations and its RUNE token plunged after blockchain researchers identified a suspected $10 million breach spanning multiple networks including Bitcoin, Ethereum, BNB Smart Chain, and Base. The protocol paused trading to address the security incident.
LayerZero's bridging platform is facing increased scrutiny and capital shifts following the Kelp DAO exploit, which reportedly led to $292 million in losses and has seen LayerZero lose control over more than $4 billion in assets. Lombard Finance is moving $1 billion in Bitcoin assets from LayerZero to Chainlink. On-chain data shows Kelp's 24-hour fees surged over 300,000%, possibly reflecting emergency operations or concentrated activity related to the exploit.
Strategy, the Bitcoin-heavy corporate treasury, is moving to repurchase $1.5 billion of its 2029 convertible notes for $1.38 billion at a discount. The company has indicated it may sell Bitcoin to fund this buyback, following recent statements from Michael Saylor that selling BTC for dividends is acceptable.
Bitcoin experienced institutional selling pressure, with ETF outflows reaching their worst pace since February, as 10-year Treasury yields surged. Analysts attribute the selling to profit-taking rather than panic. This coincides with the Crypto Fear & Greed Index registering a score of 31, indicating a sentiment of 'Fear' in the broader market.